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It's important to estimate the value of the company if the deal is successful. I've seen some SPACs where there was enough management dilution that it didn't seem likely the stock would trade up unless the deal was amazingly accretive.

One warning I'd make is that if a deal is announced and the warrants pop, you should consider strongly taking profits off the table. You have the dual risk of the deal being voted down and a successful deal being poorly received by the market.

There might be cases where I'd hold the warrants for the long term, since they are so long lived the time value can easily be worth more than the market price. But only if you have a good idea of IV and it's trading below it.
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